Hermes Investment Management has published a fall in its mean gender pay gap from 30.2% in 2017 to 27% in 2018 and says it’s aware that it is imperative for female representation to improve at a senior level within the organisation.

Hermes’ says its approach to pay is gender neutral, with both male and female staff paid fairly for the work they undertake. It also regularly evaluates pay to ensure that all staff are compensated fairly, but while Hermes has reduced its mean gender pay gap from 30.2% in 2017 to 27% in 2018, it recognises more work is needed to address the gender balance within the organisation.

The firm has taken many steps to further promote a culture of inclusion and diversity, including the appointment of Elizabeth Kerry, as a dedicated Inclusion Partner, in 2018. In this newly-created role, Elizabeth is responsible for the development and implementation of diversity and inclusion related activities across Hermes, that contribute to and build on existing initiatives of enhancing workforce capability, increased employee engagement and the retention of talent. Elizabeth joined Hermes from Hogan Lovells where she was a Diversity & Wellbeing Manager, responsible for strategic development and implementation of the firm’s UK diversity and inclusion programme.

Hermes has conducted an in-depth review and analysis of the business to understand what more could be done to create a more diverse and inclusive working environment for all employees. Following this comprehensive analysis, the Board and Executive Committee have endorsed an Inclusion Strategy and three-year plan which will be reviewed regularly.

Hermes has also joined The Diversity Project, the Employers Network for Equality and Inclusion and the 30% Club over the course of the past 12 months; and has established a returners coaching programme for members of staff who have been out on long-term absence, including maternity, parental or adoption leave, as well as for their line managers. As part of its Women in Finance Charter commitment, in 2016 Hermes set gender targets for the end of 2018, which have been achieved. The firm has now set out new gender targets for 2021.

Saker Nusseibeh, Chief Executive, Hermes Investment Management, said: “We recognise that diversity and inclusion offer real benefits. While we have had a long-standing commitment to these agendas, we know we need to do more to truly advance them within our organisation.

While our efforts have enabled us to improve our mean gender pay gap, there is still work to be done to attract diverse talent at all levels. Our industry is one of the worst in terms of its gender pay gap, and we hope that these reporting regulations continue to motivate our peers, as they have us, to develop inclusive, diverse and equal working environments.”